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York shops sold for £2.2m, as city economy remains strong
A YORK commercial surveyor says shoots of economic recovery are leading to a strong demand for retail property in the city following a £2.2 million sale.
The 8,650sq ft building in Kings Square, currently home to York’s Chocolate Story and St Pauls Bookshop, has been sold by Waterhouse Commercial Surveyors.
Instructed by vendor Oakgate Group, the Bootham based surveyors sold the property to a private family investor, with the Continuum Group continuing to let the four levels of retail space.
The buyer, who was keen to acquire a property investment with consistent income, says they were attracted by the high footfall in the area, which they believe will be boosted by City of York Council’s £500,000 repaving work schedule.
David Waterhouse of Waterhouse Commercial Surveyors, who completed the deal, said: “Having supported Oakgate Group on a number of investment transactions totalling approximately £12 million, we were confident of securing a sale, particularly as we are aware of a number of requirements for city centre property investments.
“In an economic climate which is still in recovery mode, demand for retail and tourist properties in York remain strong, with more than 7 million visitors to the city each year.”
Waterhouse Commercial Surveyors employs a team of five, who have worked with both regional and national clients since the business was established in 1994.
This year the firm completed its third deal for supermarket giant Sainsbury’s after securing the continuing retail use on the ground floor of Queens House in Micklegate, which is also home to law firm Langleys Solicitors.
This property deal lead by Waterhouse Commercial Surveyors, for a client who owns Queens House, included the amalgamation of three shops into one retail unit and relocation of two existing tenants.
The lease for Sainsbury’s Micklegate will now run for 15 years, with a value of £60,000 per annum.
It followed two previous deals by Waterhouse with Sainsbury’s which resulted in new stores in Bootham and Blossom Street.
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